Press Release
For Immediate Release: 
January 12, 2022
Contact Info: 
Margaret Mulkerrin 202-225-3130
WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the release of Consumer Price Index data for December 2021:

“The COVID-19 pandemic set off a crisis that is affecting economies across the world in unpredictable ways, straining global supply chains and changing the way people work from the shop floor to the boardroom.  Even while the American Rescue Plan is enabling our economy to recover more quickly than experts predicted - with unemployment dropping to 3.9% after the fastest year of job growth in our nation's history - the crisis has yet to recede in full.  This period in our history has been anything but ‘by the book,’ and we can't expect our economic recovery to be either.  Today’s report shows that inflation decelerated from November to December and that energy prices declined as well.  Additionally, most independent economists expect inflation to cool by the end of 2022.  That is why it is essential that we continue moving forward with the successful recovery policies that President Biden and Congressional Democrats have been leading. 

“Nobody was expecting today’s report to show anything other than what Americans have already seen day-to-day: that inflation has been a serious challenge over the past year and families across the country are feeling the impacts of high prices.  But just as COVID-19 isn't an American problem alone, inflation has surged in similar advanced economies around the globe, from Europe to the United Kingdom and Canada. 

“Americans are likely to hear a lot of hemming and hawing today from Republicans, without offering solutions to address it.  We saw Republicans cheer a 3.9% unemployment rate under the former president, yet they offer only criticisms when presented with the same unemployment numbers under President Biden’s recovery.  Their eagerness to play politics with our recovery is disturbing on its own, but it is even more shameful when we remember that it has been these same Republicans who put up roadblocks to lower costs for workers and their families.  They are not offering their own ideas for lowering prescription-drug costs, for making child care more affordable, and for taking steps to address a changing climate while building a more resilient economy.  If Republicans were truly concerned about bringing down costs, they would work with us to send the Build Back Better Act to President Biden’s desk and allow both parties to share in achieving a major victory for our economy and for the American People, just as many did with bipartisan enactment of the Infrastructure Investment and Jobs Act.  Until that happens, Democrats will continue to do whatever we can to bring about a strong economic recovery for America’s workers and their families.”